A 162-unit multi-family property located on historic Knoxville Avenue on the north side of Peoria, IL. The property was constructed in 1969 and contains a mix of one and two bedroom units. Glenbrook has been impeccably managed and maintained resulting in consistently high occupancy, currently about 93%. The property was originally constructed in 1969 but has undergone significant renovations throughout the hold period, especially over the last few years. The units have modest, clean finishes, all with dishwashers and central air conditioning. Most A/C condensers have been replaced and all the gas forced air furnaces have been replaced in the last two years. The parking lot was completely replaced in 2010 and received a new seal and stripe in 2014. Through the mid 2000’s, all roofs, porches, doors, windows and mansards were replaced. There is a swimming pool, three laundry facilities in each building and an on-site leasing office.
Glenbrook Apartments is located on the north side of Peoria near the intersection of Knoxville Avenue and Glen Avenue. The property has direct access to the heavily used CityLink Bus Line yet also sits across the street from high end historic homes. This location is less than a 10 minute drive from downtown Peoria and the world headquarters of Caterpillar which employs some 16,000 people locally.
This offering presents the opportunity to acquire an extremely well maintained apartment property with below market rents. All major systems have been replaced, minor cosmetic and unit upgrades should result in significant rental rate increases. With historically low rate debt available and a consistent, turnkey operation, the property offers the opportunity for relatively low risk, steady cash flow over a long hold period.
Located on the banks of the Illinois River, Peoria is at the heart of the Greater Peoria area and offers a wealth of attractions, events, historical sites, shopping and artistic venues.
Peoria is located midway between Chicago and St. Louis. Combining "big city assets" with a "smaller town lifestyle", this community has emerged as an attractive location. The area is home to Caterpillar which employs nearly 85,000 people worldwide and Bradley University which has a student population of approximately 20,000. One million people live within a 60-mile radius of Peoria. The greater Peoria metropolitan area has a population of over 350,000; a secondary trade area includes 10 counties, nearly 100 communities and more than 700,000 people.
Peoria is the largest city on the Illinois River and the county seat of Peoria County, Illinois, in the United States. As of the 2010 census, the city was the seventh-most populated in Illinois, with a population of 115,007. The Peoria Metropolitan Statistical Area had a population of 373,590 in 2011, making it the third largest metropolitan area in the state after the Chicago metropolitan area, and the Metro-East portion of the St. Louis metropolitan area.
Peoria has become famous as a representation of the average American city because of its demographics and its perceived mainstream Midwestern culture. It is also headquarters for Caterpillar Inc., one of the 30 companies composing the Dow Jones Industrial Average.
